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it and make it pro-growth. >> on the democratic side, senate majority leader harry reid told reporters he would like credit for what congress previously cut. >> we have already done a billion dollars worth of cuts. >> today, the top democrat in the house took a similar approach. >> i think it's important to note we have already agreed to $1.5 trillion in cuts in the budget control act and other acts in this session of congress. so now we wait to see the revenue piece to that. >> asked what she would be willing to slash as part of this deal? >> we'll be talking about that later. >> rank and file house members say they realize more must be done now. >> we can means test entitlements, so for folks making $1 million year, you know, maybe they aren't able to access medicare. they have the means to buy their own healthcare. >> i know we can't afford to spend $690 billion on the defense, but there are smart ways and dumb ways to cut defense spending. for example, we still have bases all throughout western europe that there hasn't been a threat to western europe since 1989. >> beyond that, he did
be spending about $3,000 more. >> harry reid kept the focus on the president's winning campaign message of letting the tax cuts expire on incomes over $250,000 a year. >> the people who have done so well during this difficult time with the economy, the richest of the rich are going to have to pay a little more to solve the financial problems we have this this country. >> this is what the campaign has been all about. congressional democrats are making sure the message is simple, consistent, to the point and easy to consume. recent comments from david plouffe as well as lawmakers left the president's strategy open to interpretation. progressives were concerned the social safety net programs were on the chopping block, but today democrats were unified in their approach. they are all on the same page. the president was reluctant to agree to a deal cutting medicare and medicaid benefits. president obama is seeking $1.6 trillion in additional revenue over ten years and $340 billion in health care savings. the time says the deal would not affect benefits. that's the keyword, benefits. the pres
cliff. democrats have harry reid. we have mitch mcconnell. get them in the room. no one gets all they want. if reagan and o'neill could do it, obama and boehner should be able to do it. >> it's the right approach, the one most beneficial for our economy, that protects the middle class and strengthens it and creates ladders of opportunity for those who aspire to the middle, to get there. >> it's time for the president to present a plan that rises above the reckless and radical voices on the hard left, that goes beyond the talking points of the campaign trail, and that has a realistic chance of passing the congress. the time, in other words, for campaigning is over. it's time for the president to lead. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece. and republicans should put revenue on the table. so i agree we shouldn't raise rates, but grover is wrong when it comes to we can't cap deductions and buy down debt. what do you do with the money? i will violate the pledge, long story short, for the good of the country,
following comments from senate leader harry reid that budget talks may be stallng out. groupon shares rallied on word talks are underway about a new ceo. investors poured money into green mountain after the close. the stock gained 20% after hours on better-than-expected earnings. and the new apple imac will go on sale friday. larry shover of sfg alternatives joins us now for a closer look at today's trading market. good to have you on the show larry. always good to see your smile. a lot of reports were surfacing yesterday that harry reid actually moved the market because he said that talks had stalled out over the fiscal cliff. do you buy into that? > > perhaps. right now, the market seems to be shrugging its shoulders at every headline that comes in, because we are hearing so much. but what harry reid said was really a game- changer, about perhaps trying to curb filibusters. that would be a game-changer, and would put a lid on the stock market. > he could have that much power? unbelievable. all right, let's move on to our next question and talk about greece. for now it looks like gre
of perfection. >> sean: democrats have gone a step too far, senate democrats with hairy reid leading the charge want to drastically change the filibuster egypt in order to oppose the republicans' opposition to certain legislation. look at what they said when president bush and the republicans were power. >> senate democrats represent the last check. republicans want to eliminate this check and give president bush power no president has ever had. the ability to hand out lifetime federal judgeships without consensus from the other party. never happened before. they think the senate should be a rubber stamp for this president -- i guess every president -- even if that president wants radical supreme court nominees and judges who will roll back our rights. >> everyone in this chamber knows that if the majority chooses to end the filibuster, if they choose to change the rules and put an end to democratic debate, then the fighting and the bitterness and the gridlock will only get worse. >> changing the rules of the senate has a long life to it. it's a precedent set in the senate that we will have to
leaders harry reid and mitch mcconnell on a possible change to set rules regarding the filibuster. forty-five minutes chief justice john roberts and the supreme court and constitutional law. after that, part of our coverage of the halifax international security forum, including a look at the u.s. role in global politics and the situation in syria. several live events tell you about tomorrow morning. former florida governor jeb bush will be speaking at the foundation for excellence in education. you can once that event here on c-span2 at 845 eastern. just after that at 9:00 a.m. eastern on c-span three the foreign policy initiative begins a daylong symposium on foreign policy. such a look at congress, national security was arizona senator john kyl. then on c-span, a forum on energy policy hosted by the bipartisan policy center. former senators and byron dorgan. that is at 10:00 a.m. eastern. >> on 16 of 17 bases in the united states we have military-run schools. the average cost to educate a child in that school per year is $50,000. almost four times what the rest of public education cost
to in 2011. majority leader harry reid has ruled that out this time and the number two democrat durbin repeated reid's position on sunday. >> social security does not add one penny to our debt. not a penny. it's a separate funded operation and we can do things, and i believe we should, now, smaller things, played out over the longer term that gives it solvency. medicare is another story. >> there's still staff level discussions going on. and, by the way, as much as washington gets caught up in the conventional wisdom of what senators are saying, remember right now the senate are 100 ehechted pundits. the game is between the white house and house republicans for now. at some point the action could move to the senate. but right now it's about the house. it's a possibility at some point folks on capitol hill expect the white house to call another meeting of boehner, mcconnell, reid and pelosi along with the president. at some point this week. though nothing is scheduled. the first major appointment that the president makes will probably come in the next week to ten days. just two candidat
of it in reaction to harry reid's dismal statement. i got an e-mail with it all in caps, the market is coming in on these headlines from harry reid. this matters, every word they say matters and white house press secretary jay carney was on the defense today. he pointed out as he had done yesterday that the president spoke on the phone with senate majority leader harry reid and john boehner over the weekend. and besides carney says, the president has to talk directly to the american people. >> it is vitally important that ordinary americans actively engage in this debate because the outcome of these negotiations and the hopeful product of these negotiations are the product that we hope emerges from these negotiations will profoundly affect their lives. >> so is the president, the missing ingredient to really nailing down a fiscal cliff deal? could he end the drama right now if he stayed put in washington and held a series of face-to-face meetings with reid, mcconnell, boehner, and pelosi instead of his planned meetings this week with small business owners, business leaders and middle class am
's democratic party. what you here from barack obama, harry reid, nancy pelosi, dick durban is not lowering all tax rates to get economic growth. you have a modern democratic party that is so far to the left that they believe in sunday amount alley anti-american concepts of radical wealth redistribution in order to equalize everyone. that is not what america is all b. the leading party that is leading the country in terms of the white house and congress really believes that by force, i don't mean by military force like the old school communist and social lists did, but by force of the tax code and redistribution of policies like obamacare they intend to force that on the american people. megyn: keurs te megyn: durbin chose two good people to make that example of. people don't love and reveer the hedge fund manager, they make other people a lot of money and they make a lot of money but most people have respect for our navy seals. is he on point? >> i do think he's on point. what monica just said, radical redistribution, we are talking about the radical redistribution is going back to the clinton
reid, the democratic leader, said to the president, mr. president, could you please leave the room? i have covered presidents for four years. i know of no other time where the president was asked the meeting in his own house that he had called. i asked the president about this. i said how did it feel to be voted off the island in your own house. because that is what happened. he said that he was not going to stand on protocol, that the problem needed to be solved. but in the next day, he called democratic leaders to the white house from 6:00 o'clock on a sunday night. and harry reid is there, the house leader, the relations between and among the democrats are so not solved, that harry reid, is a chief of staff, makes a presentation on the deal if reid is trying to work out with the republicans. in the course of doing that, david corn says to the president of the united states, in the oval office is in his house, i am disappointed in this white house and you for not having a fallback plan. literally, again. somebody reading of the president in the oval office for not having a plan. aft
's negotiatorring position is nothing but tax increases and harry reid would some of the senators may want to focus their attention on has announced there is no entitlement reform, so to argue that the taxpayers should take the brunt of this battle and they should not defend taxpayers but the spending interests in washington, strikes me as odd. the effort by some to get entitlement reform, the democrats have said heck no and harry reid has said it ain't happening, and they ought to look at that, rather than trying to raise taxes to pay for obama's bigger government. >>neil: do you hear it is spreading? we have chatted about this before. you were open when we chatted in washington, to talk about the cliff cliff, to not equateing bringing in causes or tax loopholes and the like and closing them off, your point was as long as it leads eventually to revamping of the tax code, but this goes beyond that, they have no quid pro quo and they are offering this, you argue, what? >>guest: well, there are two ways you can damage the economy. one is to increase marginal tax rates, everyone knows the small busine
. harry reid, the democratic majority leader, wants to make some changes. debate has to start before a filibuster can begin. he might require any senator wishing to filibuster to stand up there and talk to which republicans are saying if you do that, we the minority are going to burn the place down. senator tom coburn of oklahoma saying, "i think the backlash will be severe. if you take away minority rights because that's what you're doing, you'll destroy this place. if you destroy the place, we'll do what we have to fight back." john cornyn says if democrats change the rules, it will shut down the senate, it's such an abuse of power. you might ask how their threats of a shutdown differ materially from the shutdown senate now when the minority will not allow a majority vote on anything giving them the power to control the senate. we called the two senators and asked specifically what they propose to do if they manage to tweak the filibuster. senator cornyn's office got back to us, but not with an answer. senator coburn did not respond, but he did give politico.com a hint of what he m
from the senate majority leader harry reid overnight really sparked some jitters in this session today, so we have red across the board. the shanghai composite, it is well and truly below that 2011 level, shedding another .9 of a percent. the hang seng was feeling some of that pressure from chinese stocks and shedding .6 of a percent. it was the mainland banks that were the culprit. they didn't fare as badly if the mainland. some capital requirement rules are going to be implemented that are raising concerns about loans and the ability of these major banks to give out loans the remainder of year. we have the kospi in south korea down .7 of 1%. we had a north korean launch site showing increased activity. that just increased the jitters in this market. the japanese markets, they have really been on a rally, on a roll, on a tear over the last few weeks. the nikkei 225 has gained more than 9% just the last two weeks alone. the yen had something to do with this. it did strengthen a little bit against the dollar, and it continues to do so, down about half a percent as you just mentioned. so
, they have a good opportunity in front of them. >> we heard senator reid said when asked he couldn't name any of the cut the democrats are willing to offer in the fiscal cliff negotiations. he said, "we need to get credit for cuts previously made." this is today. the cut previously made. i'm scratching my head to figure out what cuts the democrats made prior that they want credit for. if they did make credit cuts why did we run up four more years in a row? start fresh right now. talk about cuts and then talk about how are we going to raise revenues. >> eric: what would -- >> dana: what would harry reid mean by that? get credit on cuts they made. on what? >> bob: that is a $60,000 question. i'm not sure what he is talking about. but i know there will be cuts if entitlement program. readjust in the the entitlement program. there will be a tax increase on the wealthier americans of some size. i cannot believe that obama is going to travel around the country to make us think about this. if he doesn't think he will get them to go along with some marginal increase rates. >> dana: good point. let's
on the table, but senate majority leader harry reid did embrace republicans who have turned against one of the party's most influential forces. >> one obstacle standing beyond congress and compromise, grover norquist. bullying lawmakers willing to put their oath of office and promised to serve constituents ahead of the pledge to lead this antitax sell it. his brand of ideological extremism has been bad for congress and work for -- worse for the country. distancing themselves this week. i appreciate that very much. lou: with the majority leader's things we turn now to the man at the center of mr. reed's spewing of vitriol, of variable stream. we are joined by grover norquist , president of americans for tax reform. i have to ask you. how does it feel to be a bully of lawmakers? i like this part especially, anti-tax sell at. the logical extremists. to find yourself is really being pointed that as the problem, not part of the solution here suddenly. how do you feel that? >> well, look. harry reid had a plan. he and obama and nancy pelosi were going to spend a great deal of money, and then
is out of the hospital tonight. the senator checketd himself into walter reid yesterday for what she called a routine procedure. no word on that what that was. he is 89 now. he won the republic nomination in '96 but lost to president clinton. i'm shepard smith. this is the fox report. it's the bottom of the hour, time for the top of the news. and you know that one friend who just won't let you get a word in edge wise, the u.s. senate has a friend like that. his name is filibuster. it's really a technique that lawmakers use to hold the legislation that they don't like. a senator or group of senators refuses to get off the floor and that group can kill the bill that way. now, the senate majority leader harry reid is threatening to push for a change to the filibuster rules that would give minority members less power. but the minority leader mitch mcconnell says that would be the equivalent of blowing up the senate. doug mckelway with the news live on capitol hill for us tonight. doug, they call it the nuclear option. >> yeah, they call it the nuclear option because the party that exerci
in the ointment, deal negotiations have stalled. senate majority leader reid says little progress is being made so the fiscal cliff remains a distinct possibility come january 1st, keeping some buyers on the side lines as well. that's what you see here. coming up, governors can't afford to stall. they have to balance their budget. day two of our governors on the edge, our series on how individual states are dealing with the budget mess. it is a fox business exclusive. delaware governor has some ideas. you have to hear what he has to say. the nasdaq, trying to tune out all the noise. if the nasdaq can turn it around and post positive gains here by the close, it will be the seventh straight day of gains, the longest winning streak in 16 months, seven days in a row, and yes, i know, positive gains is redundant. just seeing if you're paying attention. you know what? somebody is always making money. don't ever let the markets fool you. if something is down, somebody else is making money on the other side. let's find out from our traders at the new york stock exchange, cme group and the nymex for our fl
. >> also late tonight, harry reid said the three republicans are politicizing the benghazi matter, calling it, quote, outrageous. >> shepard: catherine herridge in washington. the white house and congress have five weeks to keep us from going over the fiscal cliff at the end of the year. that would mean automatic tax hikes and spending cuts at the same time and an economists say it could cause another resomething. the president met with congressional leaders from both parties, but harry reid says there has not been much progress since then. mike emmanuel is on capitol hill. republicans are asking for changes to social security and medicare. any common ground? >> shep, in public, it does not sound like it. top republican leaders say if you want to avoid the fiscal cliff, you need to address the drivers of our debt. >> we know that the only way we can solve our long-term debt and deficit problem is to fix the unsustainable growth rates of our very popular entitlement programs. the president has from time to time indicated an openness to that. now is the time to actually do it. >> 42 business
months of 2007 george bush went to nancy pelosi and harry reid and said i need a, guess what, stimulus. that terrible word. pelosi and reid worked with him to do that. then in 2008 they came to us. john, you and i worked together on the whole response to the financial. i believe we had in 2007, 2008, this is not a longstanding problem. a great deal of cooperation in the bush administration. i do believe that there were elected some people in 2010, tea party influence, who reputinated the notion of compromise, and someave said it exclusively. i think partisanship, you have to start from a position of principle and then you work together. i think in 2007 and 2008 we showed how can you do that. >> candy, let me join in the general hopefulness that we're going to avoid the fiscal cliff, but it's not a done deal. it's not a certainty. the reason is the country -- the government is on automatic pilot to the fiscal cliff, to massive tax increases and really horrible spending cuts on january 1st unless we act, so if congress does -- congress has gotten pretty good at doing these days, we'll go
is not part of this problem. so it should not be part of the discussion. harry reid, in fact, has been extremely firm on that. he said i will not be part of discussions that include social security as part of this bargain. so if they stick to that, then they won't be. >> yeah, there's so many moving pieces. susan, today, the president's going to meet with small business owners. friday he's going to montgomery, pennsylvania, to visit a small business that will be impacted. very campaign like stuff. what's he trying to do here? >> yeah, who is he not meeting with this week? that would be congressional -- that would be members of congress, especially those house republicans would be the critical partners on this. so he's trying to take a very different approach than he took in the first term and the early go rounds on this. and that is to build some public support tap on the good feeling from his re-election to give -- as ryan pointed out. there's some democrats including powerful ones like harry reid that say medicare and medicaid have to be off the table. those democrats do not include
to be a new day with these guys. harry reid was very pessimistic. this is a traitorous market, we will see a lot of volatility going to the end of the year. melissa: it is like a ping-pong match. thank you very much, and very interesting day right now we are glad everybody is watching this, focusing on the fact one sentence close the market around. voicing his optimism they could reach a deal with the white house and avoiddthe fiscal cliff. looking at the oneesentence in that one word, optimism. >> that is right, with the president's remarks that he would like to see framework to avoid the fiscal cliff by christmas. sitting treasury debt up to capitol hill tomorrow to meet with congressional leaders, democrats and republicans. in the meantime the president keeping up the pressure on republicans from here to extend expiring tax cuts for middle-class taxpayers, but let them expire for wealthier taxpayers. take a listen. >> the place where we already have and three complete agreement right now is on middle-class taxes. as i have said before, we have two choices. if congress does nothing, ever
's stephen colbert territory. that's harry reid. that's what they say. that's nonsense. people take the pledge but the reason why most republican than a handful of democrats take the pledge is the only 10 to raise taxes. we just and the pledge of in the mail and people make that commitment and campaign on it and make it part of -- >> if you're running in a republican primary, it's very helpful to you, effectively difficult to run in a republican primary without signing it. they are in a box. the republicans, county and look for a way out of? >> no. which general have is a little so here's complicated bill. it's got a lot of moving parts. does it raise taxes? look, it's pretty clear in those cases. the important part of the pledge is it allows people to credibly commit they're not going to raise taxes and the people know who and what they are. is allowed john boehner and mitch mcconnell to govern recently. it's about the republican governors passed out ushers at the red states for the 24 states republican governors, republican legislature. blue are the 13 of 40 state spending on how
to raise the debt ceiling. first, senate majority leader harry reid and republican majority leader mitch mcconnell will talk on the senate floor about the january fiscal deadline. >> since our country voted to return president obama to the white house, i have spoken often about compromise. i remain optimistic that, when it comes to our economy, when it comes to protecting middle-class families from a whopping tax hike, republicans and democrats will be able to find common ground. president dwight eisenhower, a republican, once said, "people talk about the middle of the road as though it were unacceptable. there have to be compromises. the middle of the road is all usable space." so said white house and higher. -- dwight eisenhower. too often, we face off, not realizing that the solution rests somewhere in the middle. i remind everyone of one fact. this congress is one vote away from avoiding a fiscal cliff for middle-class families and small businesses. we can solve the greatest economic emergency facing the nation today if only the house would consent the senate-passed bill freezing --
reid on the floor of the senate only moments ago. listen to him. >> unfortunately there is one obstacle standing between you and congress to compromise, grover norquist. for years he has bullied lawmakers willing to put their oath of office or promise to serve constituents ahead of their pledge to this antitax zealot. his brand of ideological extremism has been bad for congress and even worse for the country. i was pleased to see republicans in congress distance themselves from norquist this week. i appreciate that very much. bill: here now to react. grover norquist, americans for tax reform. good morning to you. >> sure. bill: harry reid, what do you think about that? >> well, only senator harry reid of nevada could pack that many lies into something quite that short. look, the taxpayer protection pledge as harry reid well knows is a commitment by senators and congressmen to their constituents, not to me personally, reid tells that lie over and over again, a commitment to their constituents that when they come to washington they will reform government and spend less money, rather than
't be just being against the democrats. and against harry reid and against obama. you have to be for things, and we have to give them something like the contract with america, that we gave them some years ago. we have to give them something to be for. and as far as young women are concerned, absolutely. i don't think anybody like me, i can state my position on abortion, but, to -- other than that, leave the issue alone. when we are in the kind of economic situation and, frankly, national security situation we're in. >> chris: when you say leave the issue alone, you would allow, you say, freedom of choice? >> i would allow people to have those popinions and rec those opinions and i'm proud of my pro-life position and record and if someone disagrees with me, i respect your views. >> chris: senator mccain, thank you as always for coming in today, you will have a busy final weeks here in 2012. >> we certainly will. thank you, sir. >> chris: thank you. up next 'tis the season to shop and spend, but the upcoming fiscal clip put a damper on consumers and investors? ♪ we're sitting on a bunch of
be reached. this comes on the heels of yesterday when you had harry reid expressing caution about the fact things ar were nt going that well. we are seeing the market to the downside, they have improved and you can see it spiked up. alaska mitra said to them. dagen: speaking of house speaker john boehner, he said he is optimistic. >> i'm optimistic we can work together to avert this crisis sooner than later. connell: we also want to show you this, this is skepticism from who you would think would be a major player in the deficit talks. >> i am really worried we have a probability we could go over the cliff, and that would be catastrophic. not to go over the cliff, we have to compromise, have to have revenue. the problems are real, the solutions are painful, no easy way out. the only way you can do this ifs to have a balanced approach and that is where people are headed. connell: matt welch is here. what do you make of all this, matt? >> there is nobody at the table actually interested in cutting the size of the government. that seems strange to democrats who think we're living in some sort
change that changed is harry reid says he wants to do something about the filibuster. isn't what i want to do. it feels to me like a tectonic shift saying we need to change this, it has gone too far. >> it really is. harry reid has long defended the perogatives of the senate and of the filibuster even in the face of criticism from his own members, but virtually all of his members now want to do something and he has been infuriated by the way in which mitch mcconnell has carried out, but if you think about t it is a very odd time to do this. the house is under the control. >> you don't get that much. >> of the republicans, so it is not as if the filibuster is the only thing standing in the way >> of the republicans, so it is not as if the filibuster is the only thing standing in the way of democratic program and as norm said, at the beginning of this new congress president obama has a better shot at working with the senate including 6, 8, 10, republicans in using that to put pressure on the house so is this the right time to blow up the senate? >> norm, real quick, do you think we need 6
agenda. it can't be just being against the democrats and against harry reid and against obama. you have to be for things. we have to give them the contract with america that we gave them some years ago. we have to give them something to be for. young women, i don't think anybody like me i can state my position on abortion, but to -- other than that, leave the issue alone. when we're in the kind of economic situation and frankly national security situation we're? >> chris: you would say freedom of choice? >> i would allow people to have those opinions and respect those opinions. i'm proud of my pro-life position and record but if someone disagrees with me, i respect your views. >> chris: nor -- senator mccain. thank you for being here today. >> 'tis the season to shop and spend. will the coming fiscal cliff put a damper on consumers and investments? 4g lte is the fastest. so, which supeast 4g lte service would yochoose, based on this chart ? don't rush into it, i'm not looking for the fastest answer. obviously verizon. okay, i have a different chart. going that way, does that make a diff
president obama spoke with the house speaker boehner and the senate majority leader harry reid over the weekend. still, concerns of the crisis and the european debt crisis sent stocks down but not precipitously but down. we are seeing signs of progress in washington, dc, with rare bipartisan consensus on raising taxes on the wealthy but they remain at odds over the specifics. in other words, exactly highway do you do it. and mike emanuel is live on capitol hill. the white house is expressing putting pressure on congress. >>reporter: a report on the impact if the bush tax cuts are not extended. the study says the typical middle class family will see taxes go up by $2,200 next year affecting businesses and retailers. the argument is the families will spend less and it will hurt the economy. >> you can see it across housing, and services, and things like paying for cell phone, groceries, durable goods, auto purchases. evidence like this is a reason why retailers are so concerned that congress has not yet extended the middle-class tax cuts. >>reporter: and carney noted the president spo
. mitch mccondition necessarily is going to have to be onboard. is this a perry blow with the harry reid? >> the democratics, if they change the rules, can do it with 51 votes, so he doesn't have to be onboard but look, they're not talking about stripping the minority of the right to filibuster. they're talking about instead of saying oh, i'm going to filibuster and everything comes to a stand still that you actually have a and up and filibuster, that people would have to take the floor and read the phone book. i don't see anything wrong with that. there are a couple of proposals out there nothing that significantly reduces the power of the filibuster, harry reid read has experienced 385 filibusters during his time at senate leader. lyndon johnson faced one filibuster. it is overused and abused, and so i think mcconnell better get over it. >> it seems like he's going to have to. it seems he's almost resigned to be in the minority for a very, very long time. that's the behavior and demeanor of someone who is going to be in the minority. we almost got through the fill buster without mentio
bizarre that the leader of the democrats in the senate, harry reid, attacks me personally. the american people don't want their taxes raised. they have kind of signaled that in the most recent senate election where harry reid's guy lost and the anti-tax candidate won in nevada. so the tax issue is a powerful issue. i understand it comes with the territory, that people attack me personally. it doesn't bother me. i'm very comfortable in my own skin. if they want to waste their time personally attacking me, they're free to do so. but taxes are too high. spending is too high. this needs to be changed and i think the american people will make it clear as time unfolds that raising taxes is not where they want to go. >> grover norquist, thanks very much for joining us. >> thanks, wolf. >>> let's get another point of view right now. joining us, dick durbin, assistant majority leader, the senator from illinois. senator, thanks very much for coming in. we just heard from grover norquist, several republicans on capitol hill this week have said they would consider defying his pledge but for some of
with the congressional leaders, john boehner, harry reid, mitch mcconnell, and out for thanksgiving solely today are people trying to get back starting to draw the battle lines a little bit. we seem to have burned three weeks which is time is of the essence. david: i'm thinking three years ago obamacare on christmas eve, will it come down to that? >> maybe new year's eve january january 1, mandattry spending cuts kick in on the second of january. you hit on a very important point. congress only ask when there is the gamut swinging over their heads. they often do this around christmas time. it is the final train leaving the station. finishing the christmas shopping and people start to get itchy, i compare it to stockholm syndrome. people are sweating it out after a while they start to sympathize. david: i was saying is it an either or? tax rates go up or you get in and of deductions for the wealthy, and he seemed to say both. we should have a cap of $25,000 cap on abductions and marginal tax rate go up. do you think the president will hold out for that? >> harry reid this afternoon was adamant,
working on the defense authorization bill. harry reid has been talking about the brugget cuts and tax increases and here he is speaking to reporters just after the caucus lunch. it's about 10 minutes. >> we are -- we had a meeting with the four leaders up here at the white house, it went very well. the problem was that was before thanksgiving. and since that time, there has been little progress with the republic carns, which is a indictment -- republicans, which is a disappointment to me. we only have a couple of weeks to get something done. we have to get away from the happy talk and start talking about specific things. and one month taxes are set to rise for all americans. we passed in the -- we passed in the senate a piece of legislation to protect people making less than $250,000 a year. we have rejected on a bipartisan basis the republicans' efforts to extend the tax cuts for everybody. those are the two majors we have dealt with on the senate floor. if we fail to reach an agreement, the average middle-class family will see their taxes go up by 2,200 a year. as i have indicated,
harry reid and mitch mcconnell sent stocks to session lows. this morning we look to open to the downside. implied open down 25. s&p looking to lose five. beige book home sales ahead. as for picture in europe, a bailout for four spanish banks getting approval from the eu. still stocks are down. italy down by almost one full percentage point. road map for the morning starts off with the fiscal cliff. the president meeting with more ceos today bringing his plan straight to the people culminating in an appearance in a factory later this week. >> costco joins the dividend parting initiating a $7 a share payout on top of the regular dividend. >> and a shake-up at groupon. the board may be considering co-founder being released. >> there's powerball fever. 500 million big ones in the pot. how would you spend the money and how does the fiscal cliff factor in? we'll talk strategy with a former lottery winner. >> we begin with the fiscal cliff. this afternoon president obama is scheduled to meet with several business leaders including ceos of home depot, macy's, caterpillar and at&t but futures are
time now. >> hb 800 companies and groups sent a letter to senators harry reid, mitch mcconnell and others to say that they want repeal of the medical device tax as part of the fiscal cliff deal, this is a tax not on profits, on sales, on revenue. even if you post losses you still have to pay the tax. here's what the letter writers are warning about. if it passes, it will adversely impact patient care can increase cost of health care and adversely impact jobs. it's a 43,000 jobs could be lumped medical device makers. pacemakers, stopping brain aneurysms including prosthetics for soldiers returning from overseas and the issue is why you're hitting us with an excise tax on sales? they did a study which found when you do the math it is actually 80% in federal, state and local including the excise tax. lori: why would they go throughr the medical device makers? the tanning bed tax, the kind of understand. >> here is the rationale. the house want repeal it, but has stalled in the senate. the logic is they have to have health insurance, required to have health insurance, the lo
about the comments made by harry reid with the cautionary tone with the fiscal cliff and you have to push back to washington and decisions need to be made fast. so with the intraday chart we hasselhoff again but the dow was down 68 points the s&p is down 1/3 of 1%. it was in a green but now when the red like hewlett-packard, american express way on the dow. tracy: chevron, i am. we will see when 15 minutes span of three weeks since the bombing was elected a yet there seems to be little progress to hammer out the agreement between the president and congressional leaders to avoid the looming fiscal cliff. spending cuts and tax hikes kicking and and analysts say it could kick is back into a recession. gerri willis is here to get it straight. >> i wish i could. >> is a mind-boggling we had made no progress? >> what has happened? absolute nothing now the president will go to the street he thinks the election is still on? i know understand going to pennsylvania but today he meets with middle-class americans. i would like to see all of the elite people to sit down until you get something
. it started with harry reid appointing me to the simpson- bowles commission -- 18 members. i thought this was another commission who'd work product would be lost in history and on a dusty shelf or buried in some hard drive. it turned out to be a historic effort and a game changer -- mainly through the good work of erskine bowles and ellen simpson with hard work that was put into this by 18 members, evenly divided among house and senate democrats and republicans and six public members. 11 of us voted for the final work product. i was invited to join the gang of six to continue the conversation on simpson-bowles. it expanded to the gang of eight. the conversation has been going on for two years. that is a lot of popcorn in mark warner's office. it was a great education and effort to sit across the table from conservative senators and talk through not just the reality of the deficit but the political reality of the deficit, which we have to be more sensitive to if we are looking for an honest solution. some of my friends on the left came to visit. i recall one -- the labor leader who sa
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